Musgrave Minerals increases Cue Mineral Resource
THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) reported an update to the Mineral Resource estimate on the company’s 100 per cent-owned ground at the Cue gold project in Western Australia.
Musgrave Minerals declared the total Cue project MRE to now stand at 12.3 million tonnes at 2.3 grams per tonne gold for 927,000 ounces of contained gold with the high-grade Mineral Resources hosted in the Break of Day trend totalling 982,000 tonnes at 10.4g/t gold for 327,000 ounces of contained gold.
Musgrave expects the near-surface high-grade component of its total resource base to drive future value and the company’s exploration efforts that will continue to focus on identifying and testing near-surface, high-grade gold targets to further grow the resource base.
The updated MRE includes healthy contributions from the new White Heat-Mosaic and Big Sky deposits where drilling to date has focussed on the top 100 to 160m.
These maiden Mineral Resource estimates (Indicated and Inferred) are:
White Heat-Mosaic: 185,000 tonnes at 11g/t gold for 65,000 ounces; and
Big Sky: 4.65 million tonnes at 1.2g/t gold for 173,000 ounces.
“This is a significant result for the company and the growth in Mineral Resources will improve the future development potential of the project,” Musgrave Minerals managing director Rob Waugh said in the company’s ASX announcement.
“The ongoing focus is to continue to grow our near-surface high-grade resources at Cue and progress PFS level studies to accommodate these new deposits and potential future resource upgrades.
“The deposits sit on a combination of granted Mining and Exploration Licences in a region with excellent infrastructure within a favourable mining jurisdiction.
“This latest Mineral Resource estimate increases the near surface, potentially, open pittable gold ounces while also increasing confidence, with approximately 47 per cent of resource ounces in the Indicated category.
“The company is confident it can continue to expand its resource base as exploration drilling continues to intersect high-grade gold on new regional targets.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
Email: info@musgraveminerals.com.au
Web: www.musgraveminerals.com.au
